News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
EUR/USD
Bearish
Oil - US Crude
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Wall Street
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Bearish
GBP/USD
Mixed
USD/JPY
Bearish
More View more
Real Time News
  • Update on #Cryptocurrencies #BITCOIN -3.05% #BITCOINCASH +4.24% #ETHEREUM -4.53% #RIPPLE -1.91% #LITECOIN -3.36%
  • Japanese #Yen Outlook: $USDJPY Dives into Key Technical Support Pivot - https://t.co/vzJ2u0MUbS https://t.co/4NE2BirSlY
  • Really glad I’m not the only one who thinks like this https://t.co/kGQ6p4HO61
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.56%, while traders in NZD/USD are at opposite extremes with 70.66%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/kYXsXPuSmJ
  • Commodities Update: As of 16:00, these are your best and worst performers based on the London trading schedule: Gold: -1.32% Silver: -3.74% Oil - US Crude: -5.35% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/1IZV4KJruu
  • More weakness in Eurozone economic data coupled with a surge in COVID-19 cases has seen ECB interest rate cut expectations pulled forward, and the odds of surprise action at the October meeting are non-zero. Get your market update from @CVecchioFX here:https://t.co/JdP6FXyQXF https://t.co/88FWLMNtTu
  • Gold IG Client Sentiment: Our data shows traders are now at their most net-long Gold since Sep 04 when Gold traded near 1,933.11. A contrarian view of crowd sentiment points to Gold weakness. https://www.dailyfx.com/sentiment https://t.co/mtvMK2qH5Q
  • Forex Update: As of 16:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.09% 🇨🇭CHF: -0.10% 🇪🇺EUR: -0.33% 🇳🇿NZD: -0.78% 🇦🇺AUD: -0.88% 🇨🇦CAD: -0.92% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/fJ7TOYyATO
  • UK Covid deaths over 300 for second consecutive day - BBG
  • Indices Update: As of 16:00, these are your best and worst performers based on the London trading schedule: US 500: -2.56% Wall Street: -2.58% FTSE 100: -2.85% France 40: -3.59% Germany 30: -4.08% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/tfywVfpiH6
EUR/GBP Technical Analysis: Euro Slides to 2-Month Low

EUR/GBP Technical Analysis: Euro Slides to 2-Month Low

2015-10-28 23:06:00
Ilya Spivak, Head Strategist, APAC
Share:

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points:

  • EUR/GBP Technical Strategy: Short at 0.7325
  • Euro Selloff Accelerates Anew After Corrective Bounce Fails to Build Momentum
  • Short Trade Active, Looking for Downside Follow-Through Beyond 2-Month Low

The Euro resumed its decline against the British Pound after a meek attempt to launch an upside correction failed to generate momentum. Prices turned lower as expected after putting in a bearish Dark Cloud Cover candlestick pattern, breaking rising trend support guiding the move higher from mid-July lows.

Near-term support is now at 0.7126, the 38.2% Fibonacci expansion. A break below that on a daily closing basis opens the door for a challenge of the 50% level at 0.7088. Alternatively, a reversal back above the 23.6% Fib at 0.7173 – now acting as resistance – clears the way for a test of the 14.6% expansion at 0.7203.

We sold EUR/GBP at 0.7325 and have since booked gains on half of the trade. The remainder of the position remains open to capture any further weakness ahead. The stop-loss has been adjusted to the breakeven level.

Losing Money Trading Forex? This Might Be Why.

EUR/GBP Technical Analysis: Euro Slides to 2-Month Low

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES